Keyuan Delisted from Nasdaq, May Go Private

摘要

Keyuan Petrochemicals (Ningbo, China) says it has been notified by Nasdaq that its common stock was suspended from the Nasdaq Stock Market effective October 6th. The company says that despite its "best efforts to become compliant on all of Nasdaq's requirements, the Nasdaq hearing panel suspended Keyuan's listing from the Nasdaq Stock Market." Keyuan's shares will resume trading on the OTC market today under the ticker symbol KEYP. Keyuan says it will file with the SEC in the middle of this month the final audit and 10K form for 2010, in addition to the 10-Q for both the first and second quarter of 2011. The 10-K form will contain details about Keyuan's operations, financials, and a comprehensive list of actions the company has taken and is committed to taking in order to remediate accounting and internal control issues.